Argentina May Shopping Center Sales +37.4% On Year -Indec

Source: WSJBy: Shane Romig
06.28.2010

BUENOS AIRES (Dow Jones)--Argentina's shopping center sales in May continued to post strong growth on the back of high clothing, footwear and electronics sales, the national statistics agency Indec reported Monday.

Shopping center sales in May were up 34.7% on the year and 3.6% on the month in seasonally adjusted terms, Indec said.

The sales at 33 shopping centers across the country totaled ARS981 million ($252 million) in May and followed similar year-on-year growth in April.

However, sharp inflation is seen as a key driver of the increased sales. While the government says that inflation is running at about 10% on the year, private economists estimate the rate of actual inflation at two or three times that.

Many accuse the government of manipulating inflation and growth figures, charges the government frequently denies.